Support Center > General FAQs > Are my funds safe? What happens if Zipmex ceases operations?

Are my funds safe? What happens if Zipmex ceases operations?

Most of our customers’ funds are held in a cold wallet. To ensure your digital assets are safe and secured, Zipmex has engaged a top custodian solution provider.

Zipmex has segregated wallets and our security architecture is engineered in a manner that is intended to prevent a breach affecting more than one wallet.

Each wallet is multi-signature with keys that are secured offline in purpose-built, Class III bank vaults. The keys to Zipmex vaults require multiple users to access them with a rigorous and carefully scrutinized process to access the funds.

Our custodian has policies and procedures for changing personnel, restoring systems in the event of local failures, as well as strong audit logging and access controls.

If Zipmex ceases operations, the digital assets will still be with BitGo and users will be able to withdraw their digital assets.

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RISK WARNING ON DIGITAL PAYMENT TOKEN SERVICES

The Monetary Authority of Singapore ("MAS") requires us to provide this risk warning to you as a customer of Zipmex.

Before you pay Zipmex any money or DPT, you must be aware of the following.

  1. Zipmex is not currently licensed by MAS to provide DPT services. This means that you will not be able to recover all the money or DPTs you paid to Zipmex if Zipmex’s business fails.
  2. You should not transact in the DPT if you are not familiar with this DPT. This includes how the DPT is created, and how the DPT you intend to transact is transferred or held by Zipmex.
  3. You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.
  4. You should be aware that Zipmex may offer services related to DPTs which are promoted as having a stable value, commonly known as “stablecoin”.
  5. DPT held in your Hosted Wallet is not subject to the Singapore Deposit Insurance Scheme (“SDIC”) or any similar insurance or guaranty scheme of any other jurisdiction. In addition, funds stored in your Fiat Wallet do not benefit from the SDIC or any similar insurance or guaranty scheme of any other jurisdiction.

ZipUp+ products have not been approved by the Monetary Authority of Singapore (“MAS”) under the Payment Services Act 2019 and MAS has not reviewed or approved any features of these product offerings. Please review this link for the full terms and conditions and risk disclosure.